Commerce and Industry Minister Suresh Prabhu highlighted several steps taken by the government to promote an investment-friendly environment with a view to attracting investments from Oman, an official release said. During the India-Oman Joint Commission Meeting here, the minister invited Omani companies to build on their success in India and make investments to benefit from Make in India which are aimed to encourage manufacturing, the commerce ministry said in a statement.
“India has launched several investment friendly programmes like Make in India with a trillion dollar business opportunity in the country,” it said. Both the sides increase cooperation in areas including energy, health, finance, infrastructure, tourism, space, renewable energy, start-up, SMEs, food security and services sector. The bilateral tarde between India and Oman has increased to USD 6.7 billion 2017-18 from USD 4.13 billion in 2014-15. Indian financial institutions such as State Bank of India, Bank of Baroda, HDFC Ltd and ICICI Securities and public sector undertakings including Air India, Life Insurance Corporation, Telecommunications Consultants India, Engineers India and National Building Construction Company (NBCC) have presence in Oman.
Domestic firms have invested in Oman in sectors like iron and steel, cement, fertilisers, textile, cables, chemicals and automotive, especially in Sohar and Salalah. “India-Oman Joint Investment Fund, a joint venture between State Bank of India and State General Reserve Fund of Oman, a special purpose vehicle to invest in India, has been operational and the initial corpus of USD 100 million has been fully utilized,” it said. The fund has raised another USD 220 million for the second tranche which is being invested.